A closely watched analyst believes that Bitcoin (BTC) has an exponential move up in store.
Pseudonymous analyst Credible Crypto tells his 348,000 followers on social media platform X that Bitcoin is just “heating up” after rallying to a new 2023 high of $34,606.
According to the trader, BTC’s relative strength index (RSI) is in bull territory on the weekly chart, indicating that momentum for Bitcoin is rising.
“Do you think the last few days have been crazy? It’s nothing compared to what we’ll see in the coming weeks. The biggest moves occur when the RSI moves into overbought territory on higher timeframes, starting with the weekly.”
With momentum building for Bitcoin, Credible Crypto believes BTC is now in a position to do just that print huge rallies in one day.
“Guess we’ll finally get our first (of many) $10,000+ monthly candles here in October.”
According to the analyst, there is no major resistance left that could hold Bitcoin back collect now that it is, towards $40,000 trade well above the psychological support of $30,000.
“No, there is no resistance above us that was as important as the resistance we just broke through. The path up from here will be faster, more aggressive, and less forgiving to those on the sidelines than anything we’ve seen since the $15,000 bottom to date.
Don’t make it too complicated. It’s actually up to $40,000 in the open. Maybe we’ll get a break, but even that won’t last long in my opinion.”
At the time of writing, Bitcoin is trading at $33,990.
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